Effective January 1, 2024, the Duke contribution to the Faculty and Staff Retirement Plan is as follows:
8.9% of the first $80,650 of salary and
13.2% of annual salary in excess of $80,650,
up to a statutory salary limit of $345,000
The Duke contribution is calculated monthly. For example, an eligible faculty member or exempt employee who earns $7,500 monthly ($90,000 annually) can expect to receive a Duke contribution of $701.00 on a monthly basis. The calculation of this benefit amount is shown below:
| 2024 Duke Contribution Percent | Multiplied by Sample 2024 Monthly Salary | EQUALS: Monthly Duke Contribution |
|---|---|---|
| 8.9% | first $6,720.83 of salary | $598.15 |
| 13.2% | remaining $779.17 of salary | $102.85 |
| Total monthly amount | $7,500.00 | $701.00 |
The Duke contribution to the Faculty and Staff Retirement Plan is a benefit that is meant to encourage participation and recognize the importance of retirement planning and investing. The contribution is not a guarantee of retirement income; rather, it provides participants with additional funds for their retirement investments. Please refer to the Summary Plan Description for further details on plan benefits.
Vesting of Duke Contribution for Faculty and Staff
Vesting means ownership of the market value of your account. You are always 100% vested in your own voluntary contributions. Vesting only applies to Duke's contribution. Once you are vested, you have an irrevocable right to the amount of the Duke contribution in your account adjusted for gains or losses. Employees hired prior to January 1, 2012 are 100% vested in Duke's contribution towards their retirement. In general, employees hired January 1, 2012 or after will become 100% vested after completing three (3) years of service. Click here to learn more about vesting.